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Getting to know Veriswap
What is Veriswap?
Veriswap is a marketplace for swapping sports cards and trading cards. For example, on Veriswap, you can trade 3 Luka Silver Prizm PSA 10s for 3 Zion Silver PSA 10s and $2,000 cash. Once both parties agree to a trade, they will ship to the Veriswap middleman hub. Veriswap will then verify that the packages contain the appropriate cards and ship them out to the correct parties.
How is Veriswap different from ebay, PWCC, Goldin, or Myslabs?
Veriswap is a platform for trades, which may or may not involve cash. Users can also sell their cards on Veriswap
What is allowed on Veriswap?
Cards graded by PSA, BGS, SGC, CGC, CSG, TAG, or ISA, and raw cards with accurately reported condition details. Sealed Pokémon product (packs, boxes, etc.) can NOT be traded on Veriswap.
Are raw cards allowed on Veriswap?
Yes. However, as we are not a grading company, Veriswap does not verify the condition of raw cards receieved in a trade, as this is highly subjective.
What happens once a trade is agreed to on Veriswap?
Once a trade is agreed to, both parties ship their cards to the escrow hub. Veriswap will then verify that the packages contain the appropriate cards and ship them out to the correct parties.
What constitutes an Accepted Trade?
A trade is considered Accepted when one side pays the Veriswap fee to lock in the transaction. At that point, the second trade partner is locked in since they sent out the trade offer that was accepted. If either trade partner does not follow through after this, Veriswap is legally authorized to charge them the greater of $200 or 50% of their cards' value in the trade.
Payments
How do you receive payments?
We use Stripe to process payments. Stripe is the industry standard for payment processing and is used by companies such as Amazon, Google, and Airbnb. In order to receive funds, you will need to link your Stripe account with your bank account. Learn more about Stripe here.
How do you send payments to other users?
Users can use almost any major credit or debit card to pay each other. We use Stripe to process payments. Learn more about Stripe here.
I received cash in a trade. When are funds released?
Funds sent between users are held in escrow until Veriswap verifies the items in the transaction. Funds will automatically be released to the receiver's linked Stripe account when the items leave the Veriswap hub.
How soon do you need to pay?
Payment must be made within 48 hours of the offer being accepted.
What are the fees?
Fees are calculated as a percentage of the combined trade value (TV) of both sides. We charge 2% of the combined TV for all trades. For trades under $1,000, there is an additional return shipping fee of $10.86. For cards that are purchased through Buy It Now, both buyers and sellers will pay a 3% fee. For non-US-based users, trade fees are 2.5% of the total trade value, and for cash-only transactions (purchases or sales), fees are 4% regardless of the value of the card. Non-US users are also subject to an international Fedex return shipping fee, so we recommend using a US-based shipping address when possible. Veriswap takes additional steps to authenticate and verify Pokémon cards. As a result, trades containing Pokémon cards are subject to a 3% fee for trades, and a 4% fee for cash purchases.
Does the penalty apply when both sides agree to cancel the trade?
Yes. Trades on Veriswap are finalized the moment one user accepts the offer. The trader who does not pay the Veriswap fee is the one who receives the penalty. If both users pay the Veriswap fee, the party who does not ship is the one responsible for paying the penalty.
What happens if cards are priced low in an attempt to avoid fees?
Veriswap has the right to charge a $100 penalty in addition to full fees on cards that are intentionally underpriced in trades to avoid fees. Full fees will be calculated using the higher of 1) market comps or 2) price that the card was initially listed for on the platform.
What happens if you get scammed?
All transactions are verified by Veriswap, and Veriswap will refund all transaction and shipping fees if a transaction does not pass verification.
Does Veriswap authenticate slabs?
Veriswap does not authenticate slabs, except in the case of Pokémon slabs. Veriswap is only responsible for verifying the contents of each trader's package.
Does Veriswap authenticate raw cards?
Veriswap does not authenticate raw cards, except in the case of Pokémon cards. When trading raw cards, users agree to not have expectations on the condition of the card. Veriswap is only responsible for verifying the contents of each trader's package.
Does Veriswap authenticate patches?
Veriswap does not verify the authenticity of patches. We encourage buyers to do their research on patched cards before submitting an offer, and to report any suspicious cards via the report feature.
What is the Stripe fee?
The Stripe fee is 2.9%, and is applied only to the cash that users pay each other. This fee is split between both users.
How do I make a Stripe account?
Instructions on how to make a Stripe account are here.
Can you use Veriswap if you live outside the United States?
Yes you can! Note that our middleman hubs are located in the US, and your cards will have to be shipped there once a deal is agreed upon.
Are cash transactions subject to tax?
Yes. The account must meet all of the following criteria in the previous calendar year in order to receive a 1099-K.
- Based in the U.S. or a U.S. taxpayer
- More than 20,000 USD in gross volume
- More than 200 transactions
1099 Forms
Read about 1099 forms here.
How can I delete my account?
You can delete your account in the Profile Settings Page. Deleting an account will permanently delete all associated user information in the Veriswap database.
Shipping
How soon do you need to ship?
Tracking must be uploaded to Veriswap within 48 hours of the offer being accepted.
Does Veriswap provide shipping labels?
Veriswap offers shipping labels for purchase for packages being shipped to the Veriswap hub. Veriswap will handle labels for the second leg of shipping to your trading partner.
Are packages insured for shipping?
Yes, all packages to and from the Veriswap middleman hub are automatically insured. Traders do not need to pay for their own insurance.
What is the late shipment/cancellation policy after you have accepted a trade and paid the Veriswap Fee?
Veriswap is authorized in its Terms & Conditions to charge for late shipments and unfulfilled trades. The goal of the penalty is to enable a high quality pool of traders, and maintain the integrity of the platform. Users in signing up for Veriswap explicitly agree that that the penalty charge is non-refundable and indisputable. The rates are as follows:
- Shipping delays: traders have 48 hours to ship their packages. Shipped is defined as having a post office scan. Veriswap is authorized to charge the following penalties for delayed shipments:
- 1 day late: $50
- 2 days late: $100
- 3 days late: $150
- Unfulfilled trades: Veriswap has the authority to charge the following penalties for traders who back out:
- If other trader has shipped: Greater of $250 or 50% of the trader's cards' value.
- If other trader has not shipped: Greater of $200 or 10% of the trader's cards' value.
Is Veriswap responsible if tracking shows that it is delivered, but is not received by the user?
Veriswap insurance only covers packages that are lost or stolen in transit. If a package is shipped to the correct address and marked as delivered, Veriswap will not pay out insurance claims.
What are the criteria for free shipping insurance?
Packages must be shipped at priority or higher with signature included in order to qualify for shipping insurance. Veriswap will not reimburse for any packages that are lost or damaged during first-class transit. Users are strongly encouraged to ship with signature required at multiple points in the shipping flow. If you do not wish do ship with signature required, you acknowledge that you do so at your own risk and Veriswap will not reimburse for packages that are lost or damaged.
How does Veriswap determine how much to reimburse for lost or stolen cards?
Cards are reimbursed at the lower of their listed price or fair market value. Fair market value is to be determined by previous sales.
Vaulting
What are the benefits of vaulting cards?
Vaulting cards provides several benefits, including saving on shipping costs and time. Additionally, trading fees are lower (1.5% of total trade value) if all the cards on both sides of the trade are stored in the vault.
What can or cannot be stored in the vault?
To qualify for vault storage, the item must fulfill the following requirements:
- Graded
- Over $200 in value
How can I retrieve my cards from the vault?
To retrieve cards from the vault, you need to submit an outtake request via the Settings page. Once you purchase a shipping label, the cards will be removed from the vault in 1-2 business days.
What does it cost to withdraw cards from the vault?
Withdrawing cards costs a $10 flat fee per request (shipping fee), $2 per card, and an optional 1% insurance charge.
For example, if you are withdrawing 2 cards worth $200 with insurance, you would pay a total fee of $10+2*$2+$2 = $16.
For example, if you are withdrawing 2 cards worth $200 with insurance, you would pay a total fee of $10+2*$2+$2 = $16.
What is the insurance policy for vaulted cards?
Cards stored in the vault are fully insured for free for the lower of their declared or market value, determined by Veriswap's discretion. The vault itself is a state-of-the-art earthquake-proof and temperature-controlled facility, ensuring the highest level of protection for your items.
If I trade for multiple cards, can I only request a hold on some of them?
Partial holds are not currently available. If you would like to hold your new cards at Veriswap, you will need to hold the entire side of the trade.
Is there tax on items shipped to the vault?
Because our vault is located in Delaware (a tax-free state), there is no tax on items shipped to the vault, provided they remain stored in the vault.
Is it possible to complete a trade if some of my cards are stored in the vault while others are not?
Yes, both trade partners can offer cards that are both in and outside of the vault.
What are the vault's operating hours?
9am-5pm EST, Monday-Friday. If delivery is attempted outside of those hours, it will be reattempted during business hours.
Contact Us
Have an issue about a specific trade? Reach out to our support team.